Linking All Averages

Opturo--Andre Mirabelli, Ph.D.-- Building a robust ex post Performance and Attribution system involves a number of difficult challenges. It requires careful attention to a number of particular considerations and their convoluted interactions in order to consistently provide economically meaningful results, and not formally motivated calculations that are hidden behind familiar sounding names.

For FRA's Crash Course in Attribution--Andre Mirabelli, Ph.D.-- Presentation on the Annualization of an Active Return

How does an attribution modeler address the following challenge?